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Tata Motors forecasts 30-40% growth in Indian EV Sales for 2024, unveils 3 New Models
Industry News- Dec 25,23
Tata Motors is actively collaborating with CPOs to strategically place charging points along popular routes used by EV users.
Tata Motors, the leading domestic car manufacturer in India with a commanding share of nearly 70% in the electric passenger vehicle market, anticipates a robust 30-40% growth in electric vehicle (EV) sales in the country during the calendar year 2024. This optimistic projection follows a significant doubling in size during the preceding year, 2023.
For the upcoming year, Tata Motors plans to introduce three new EV models, positioned at novel price points, thereby expanding its existing range of passenger electric vehicles. The price range for these new offerings is expected to span from Rs 8 to Rs 30 lakh.
Shailesh Chandra, the managing director of Tata Motors’ passenger vehicle and passenger electric mobility divisions, expressed confidence in the anticipated growth, citing a burgeoning EV market base of approximately 90,000 to 1 lakh cars. He emphasised that the introduction of new models at more affordable price points has been a catalyst for the industry's growth, pointing out that the company achieved a remarkable 100% growth in the current year, primarily driven by the launch of the Tiago with its sub-Rs 10 lakh price tag.
Chandra acknowledged the challenges hindering EV adoption, identifying the underdeveloped charging infrastructure in India as a significant obstacle. He outlined a positive trajectory over the next two years, emphasising the role of higher-range vehicles and the concerted efforts of charge point operators (CPOs) and oil marketing companies (OMCs) mandated to install 82,000 chargers by the end of 2024. Tata Motors is actively collaborating with CPOs to strategically place charging points along popular routes used by EV users.
Anticipating increased adoption as EVs cover a broad spectrum of price points, Tata Motors envisions growth even as internal combustion engine vehicle prices rise and EV costs decrease due to scale economies and improved technology. The company is also investing in creating a distinct EV brand identity, establishing EV-exclusive showrooms and experience centers, with plans to open more than 50 such outlets in the next 12-18 months. The inaugural store is set to launch in Gurugram in early January, strategically positioned in the National Capital Region, one of the key markets for electric vehicles.
Source: Mint
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